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Last Updated : Nov 01, 2019 11:02 AM IST | Source: Moneycontrol.com

Bharti Airtel slips 3% after S&P's puts company on credit watch negative

ICICIdirect has maintained its buy rating on the stock, with a target price of Rs 425 per share.

 
 
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Shares of Bharti Airtel slipped 3 percent intraday on November 1 after S&P placed the company’s ratings on credit watch negative following a Supreme Court order on unpaid regulatory dues.

According to S&P, the company may not be able to absorb the payout.

Earlier, Fitch Ratings had placed the telecom major’s 'BBB-' long-term foreign-currency issuer default rating (IDR) on rating watch negative.

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The agency has also placed Bharti's and Bharti Airtel International (Netherlands) BV's senior unsecured bonds and Network i2i's subordinated perpetual bond's on rating watch negative.

But, ICICIdirect has maintained its buy rating on the stock, with a target price of Rs 425 per share.

It continues to see Adjusted Gross Revenue (AGR)-led outflow as a key risk but given the lack of clarity on the overall impact, it has not incorporated the same in its estimates.

The telecom operator reported better-than-expected mobile revenue and ARPU in India for the July-September quarter.

The company, earlier this week, deferred its September quarter results to November 14.

At 1032 hours, Bharti Airtel was quoting at Rs 371.35, down Rs 3.05, or 0.81 percent, on the BSE.

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First Published on Nov 1, 2019 11:02 am
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